By IANS,
Chennai : City-based financial services major Shriram group Wednesday said it will enter non-life insurance business in Indonesia with a local partner.
“We will be investing around Rs.75 crore (around $18 million) in the proposed venture. We are finalising the plans on sharing the equity stakes in the proposed venture and also waiting for Reserve Bank of India’s approval for making the investment,” R. Thyagarajan, chairman, told reporters here.
The group has a insurance joint venture in the Philippines.
“We would like to venture into Thailand, Malaysia and Vietnam tying up with local partners,” Thyagarajan added.
In India, the group has life and non-life joint ventures with the South African group, Sanlam.